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Regional compass: 14 wealth offices that opened and shut in 2017

We are fast approaching the end of a truly busy year, which saw companies both expand and shrink. Here is a selection of office opening and closures that took place this year.

In the latest of our regional series we take a look at the regional wealth offices the opened our shut over the course of the year. 

We are fast approaching the end of a truly busy year, which saw companies both expand and shrink.

Across the country, there was a trend to acquire small firms to establish a regional presence (as Old Mutual Wealth and Standard Life Wealth did). While others went on hiring sprees and opened up new offices to better reach their clients.

At the other end of the spectrum however, there were a couple of firms tightening their belts and refocusing their businesses, which led to some closures.

 

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In the latest of our regional series we take a look at the regional wealth offices the opened our shut over the course of the year. 

We are fast approaching the end of a truly busy year, which saw companies both expand and shrink.

Across the country, there was a trend to acquire small firms to establish a regional presence (as Old Mutual Wealth and Standard Life Wealth did). While others went on hiring sprees and opened up new offices to better reach their clients.

At the other end of the spectrum however, there were a couple of firms tightening their belts and refocusing their businesses, which led to some closures.

 

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Flying Colours Wealth, Liverpool

Flying Colours Wealth, the company launched by Octopus co-founder Guy Myles, opened a Liverpool office and is laying down plans for a Manchester branch as well as part of its North West expansion strategy.

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Brewin Dolphin, Truro

The national wealth manager returned to Cornwall by opening an office in Truro, three years after it merged its branch into Plymouth.

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James Brearley & Sons, North West

James Brearley, the wealth manager headquartered in Blackpool, shut two offices. Following a strategic review, the company merged its Burnley branch into the Preston hub and decided to close its client service office in Blackpool, moving staff back to headquarters in the same town.

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Old Mutual Wealth, Birmingham

Old Mutual Wealth Private Clients bought two firms, Premier Planning and Premier Wealth, to create its Birmingham base. The company later acquired Infiniti Financial Planning, bringing the combined assets for the hub to £400 million.

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Beaufort Investment Management, London

Kent-headquartered boutique investment manager opened an office in London to house its investment team which oversees £620 million.

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CMB Wealth, London

The UK wealth management operation of Monaco-based private bank Compagnie Monegasque de Banque was closed after the firm decided it wants to bring back focus to developing its offering in Monte Carlo.

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Mirabaud, London

Despite the uncertainties around Brexit, Swiss firm Mirabaud opened a new branch to expand its wealth management services in London.

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Lockhart Capital Management, Aberdeen

Five former senior executives from Towry launched their own business, Lockhart Capital Management, earlier this year. The team established three branches at launch in Cobham, Leeds and Aberdeen.

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Julius Baer, Leeds

Julius Baer announced plans to open up offices in Manchester, Leeds and Scotland after raiding Barclays Wealth for wealth managers. The regional branches are slated to open in early 2018. 

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Tilney Group, Newcastle

Tilney, which announced at the start of the year that it would be expanding, opened a new branch in Newcastle, staffed by 15 people.

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Standard Life Wealth, Bristol

Standard Life’s financial advice division 1825 bought Bristol IFA Fraser Heath Financial Management, establishing a regional hub for the business in the South West.

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Peregrine & Black, Bermuda

The boutique wealth manager launched by an ex-Jupiter trio, Peregrine & Black Investment Management, launched a Bermuda office for its offshore clients

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Airdrie Bank, Lanarkshire

The independent savings bank, which was founded in 1835, closed down, saying that it found it ‘increasing difficult’ to maintain its position in today’s highly competitive and digitalised market.

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Kleinwort Hambros, Newbury

Kleinwort Benson and SGPB Hambros formally combined their respective teams in Newbury following the completion of their merger.

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